Why Equitrans Midstream Stock Is Skyrocketing Today
Shares of Equitrans Midstream (NYSE: ETRN) are soaring in Tuesday's trading. The energy company's share price was up roughly 37.9% as of 10:30 a.m. ET, according to data from S&P Global Market Intelligence.
U.S. Democrats and Republicans have hammered out an initial deal to raise the debt ceiling, and it's arrived with provisions that stand to be a major bullish catalyst for Equitrans Midstream. As per the text of the proposed debt ceiling bill, necessary permits to complete the Mountain Valley Pipeline (MVP) would be approved -- opening the door for the company to have a substantial new revenue source. Following the news, Equitrans stock got a major price-target hike from RBC Capital.
RBC published a note early this morning upgrading its rating on Equitrans Midstream stock from sector perform to outperform and raising its one-year price target on the stock from $7 per share to $10 per share. Following the pending debt ceiling bill, the investment firm expects that the market will assign a higher probability of the Mountain Valley Pipeline being online by 2024 and this will boost performance for the company.
Source Fool.com
Royal Bank of Canada Stock
With 15 Buy predictions and only 1 Sell predictions the community sentiment for the stock is positive.
However, we have a potential of -6.42% for Royal Bank of Canada as the target price of 138 € is below the current price of 147.46 €.
